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Artis REIT Closes $75 Million Offering of Units

/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES/
WINNIPEG, Oct. 17 /CNW/ - Artis Real Estate Investment Trust (TSX: AX.UN)
("Artis") announced today that it has closed its previously announced public
offering of 4,230,000 trust units ("Units") at a price of $17.75 per Unit for
gross proceeds of $75,082,500. The Units were purchased by a syndicate of
underwriters led by Canaccord Adams and CIBC World Markets Inc., as co-lead
underwriters, and including BMO Nesbitt Burns Inc., National Bank Financial,
Scotia Capital Inc., RBC Dominion Securities Inc., TD Securities Inc., Trilon
Securities Corporation, Bieber Securities Inc., Desjardins Securities Inc. and
Westwind Partners Inc. (the "Underwriters") and sold to the public pursuant to
a short form prospectus dated October 11, 2007. Artis has granted to the
Underwriters an over-allotment option which entitles the Underwriters to
purchase up to an additional 634,500 Units at a price of $17.75 per Unit at
any time within 30 days of the closing of the offering.
Artis intends to use the net proceeds from the Financing for a
combination of property acquisitions, debt reduction and/or for general
working capital purposes.
Artis is a real estate investment trust listed on the TSX with the
objective of acquiring and maintaining a growing portfolio of properties with
stable cash distributions. Artis REIT focuses on properties located in western
Canada, particularly in the province of Alberta.
The Units have not been registered under the US. Securities Act of 1933,
as amended, and may not be offered or sold in the United States absent
registration or an applicable exemption from the registration requirement.
This press release shall not constitute an offer to sell or the solicitation
of an offer to buy nor shall there be any sale of the securities in any state
in which such offer, solicitation or sale would be unlawful.
This press release contains forward-looking statements. Artis is subject
to significant risks and uncertainties which may cause the actual results,
performance or achievements of Artis to be materially different from any
future results, performance or achievements expressed or implied in these
forward-looking statements. Such risk factors include, but are not limited to,
risks associated with real property ownership, availability of cash flow,
general uninsured losses, future property acquisitions, environmental matters,
tax related matters, debt financing, unitholder liability, potential conflicts
of interest, potential dilution, reliance on key personnel, changes in
legislation and potential changes in the tax treatment of trusts. Artis
assumes no obligation to update or revise such forward-looking statements to
reflect actual events or new circumstances.

For further information:

For further information: Mr. Armin Martens, President and Chief
Executive Officer of Artis; or Mr. Jim Green, Chief Financial Officer of Artis
at (204) 947-1250